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Act Repealed Latest version as at 07 September 1962 (as enacted) | 1962 No 5

Land and Income Tax (Annual) Act 1962

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Act Repealed Latest version as at 07 September 1962 (as enacted) | 1962 No 5

Land and Income Tax (Annual) Act 1962

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Land and Income Tax (Annual) Act 1962

Public Act
  
1962 No 5
Date of assent
  
7 September 1962
 

Contents

An Act to fix the rates of land tax, ordinary income tax, social security income tax, and excess retention tax for the year commencing on the first day of April, nineteen hundred and sixty-two

BE IT ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:

1 Short Title

This Act may be cited as the Land and Income Tax (Annual) Act 1962, and shall be read together with and deemed part of the Land and Income Tax Act 1954.

Land Tax

2 Rates of land tax for year commencing 1 April 1962

For the year commencing on the first day of April, nineteen hundred and sixty-two, land tax shall be assessed, levied, and paid pursuant to Part V of the Land and Income Tax Act 1954 at the rates specified in Part I of the Schedule to this Act.

Ordinary Income Tax and Social Security Income Tax

3 Rates of ordinary income tax and social security income tax for year commencing 1 April 1962

For the year commencing on the first day of April, nineteen hundred and sixty-two, ordinary income tax and social security income tax shall be assessed, levied, and paid pursuant to Part VI of the Land and Income Tax Act 1954 at the rates specified in Part II of the Schedule to this Act.

Excess Retention Tax

4 Rate of excess retention tax for year commencing 1 April 1962

For the year commencing on the first day of April, nineteen hundred and sixty-two, excess retention tax shall be assessed, levied, and paid pursuant to Part VIa of the Land and Income Tax Act 1954 at the rate specified in clause 8 of Part A of the First Schedule to that Act.

Schedule Rates of Land Tax, Ordinary Income Tax, and Social Security Income Tax for the Year Commencing on 1 April 1962

Part I Land Tax

1.

Subject to the provisions of clause 2 of this Part of this Schedule, the rates of land tax shall be as follows:

On so much of the unimproved value on which land tax is payable as— The rate of tax for every £1 shall be—
Does not exceed £10,000 1d.
Exceeds £10,000 but does not exceed £15,000 2d.
Exceeds £15,000 but does not exceed £20,000 3d.
Exceeds £20,000 4d.

2.

In the assessment of every taxpayer, there shall be allowed from the land tax assessed in accordance with clause 1 of this Part of this Schedule a rebate of a sum equal to 50 per cent of the tax so assessed.

Part II Ordinary Income Tax and Social Security Income Tax

1.

Subject to the provisions of this Part of this Schedule, the rates of ordinary income tax and social security income tax shall be the basic rates of ordinary income tax and social security income tax respectively as specified in the First Schedule to the Land and Income Tax Act 1954.

2.

In the assessment of every taxpayer other than a company or a public authority or an unincorporated body, there shall be allowed from the ordinary income tax assessed in accordance with clause 1 of this Part of this Schedule a rebate of a sum equal to 5 per cent of the tax so assessed or the sum of £50, whichever is the smaller:

Provided that no rebate shall be allowed in the assessment of any Maori authority under section 160 of the Land and Income Tax Act 1954.

3.

This Part of this Schedule shall not apply to any income tax where the amount of that income tax is determined exclusively and finally pursuant to any provision of Part II or Part III of the Income Tax Assessment Act 1957.

This Act is administered in the Inland Revenue Department.
Act Repealed Latest version as at 07 September 1962 (as enacted)

Land and Income Tax (Annual) Act 1962

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